Construction equipment is expensive, especially if you are a new business or have limited access to capital. Financing or leasing construction equipment can help you get the equipment you need without spending thousands upfront. Here are some benefits of financing or leasing construction equipment:
Little or No cash need to finance
Maintain bank lines of credit
Upgrade your existing equipment
Increase your efficiency without high capital expenditure
Preserve Working Capital: Leasing equipment allows you to preserve working capital and lines or credit for other business investments.
Flexibility: Payments can be designed to match budget requirements with terms aligned with the equipment’s useful life. Leasing equipment also offers potential obsolescence and depreciation protection with the ability to add or upgrade equipment during the lease term.
Cost-Effective: Rather than spending large sums of cash you can lease construction equipment, freezing up cash for operation expenses or hiring top talent.
Bundling: Asset finance allows you to bundle software installation and maintenance into one contract with fixed payments.
Hedge against inflation: Financing construction equipment can help hedge against inflation.
Dependable asset management: Construction equipment financing can provide dependable asset management.
It’s important to note that the type of financing structure should be chosen based on your needs and goals.